REG - Gwynt y Mor OFTO PLC - GWYNT Y MOR OFTO - NOTICE OF STID PROPOSAL RESULTS

Balfour BeattyAnnouncement

07/05/2021 15:35

RNS Number : 9687X
  
Gwynt y Mor OFTO plc
  
07 May 2021
  
 

Gwynt y Môr OFTO plc

(incorporated with limited liability in England and Wales with registered number 08796159)

(the Issuer)
 


 
ANNOUNCEMENT OF STID PROPOSAL RESULTS
 

 
We refer to the announcement dated 26 March 2021 relating to the launch of a consent solicitation (the Consent Solicitation) in respect of the £339,215,000 2.778 per cent. Secured Bonds due February 2034 (XS1175846580) (the Bonds) issued by the Issuer.
Capitalised terms used in this announcement and not defined herein have the meanings given to such terms in the solicitation memorandum (Solicitation Memorandum) dated 26 March 2021 in respect of the Consent Solicitation.
1.         Background
(a)        In order for Bondholders to consider the Consent Solicitation and to direct the Security Trustee to vote in relation to the STID Proposal, the Issuer launched the Consent Solicitation on 26 March 2021 pursuant to which Bondholders were asked to cast their votes by way of the delivery of Electronic Voting Instructions, and if desired, to approve the resolutions set out in paragraph 1, Appendix 2 of the STID Proposal by way of Extraordinary Resolution.
(b)        On 7 May 2021, (as set out in paragraph 4 of the of the STID Proposal and in accordance with paragraph 6 (Extraordinary Voting Matters) of Schedule 2 (STID Decision Making Protocol) of the STID) the Company received notice from the Security Trustee that on 6 May 2021 the Security Trustee had received sufficient votes in favour of the STID Proposal such that no further votes were required to be counted or taken into account by the Security Trustee.
2.         Purpose of this Announcement
The purpose of this announcement is to announce that:
(a)        the Security Trustee has received:
(i)         votes from more than 66.67% of the Senior Voting Debt in favour of the Proposed Consents and accordingly:
(A)       the Extraordinary Voting Matter in respect of the Proposed Consents has been passed in accordance with paragraph 6.3(a) of Schedule 2 to the STID; and
(B)       in accordance with paragraph 6.3(b) of Schedule 2 to the STID, no further votes will be counted by the Security Trustee or taken into account notwithstanding the fact that the Security Trustee has yet to receive votes from all Secured Creditors; and
(ii)        the consent of the PBCE Provider to the PBCE Entrenched Right Proposed Consent;
(b)        the Security Trustee has countersigned the STID Proposal; and
(c)        accordingly, the STID Proposal has been implemented.
3.         Implementation of the STID Proposal
The Issuer confirms that the STID Proposal has been implemented as the Security Trustee has countersigned the STID Proposal and concurred in making the Consents and Waivers.

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